Euro surges higher $1.16 for the first time since August

On Tuesday, the number one European currency dared to break above $1.16, following more bets that American interest rates aren’t likely to surge this year. Meanwhile, the Australian dollar sank once the country’s major bank lowered its interest rates.

The Japanese yen renewed its achievement against the greenback too.

The common currency last changed hands at $1.1590, growing 0.6% on Monday. However, according to FactSet data, it briefly soared to $1.1618.

The Aussie currency grasped a hit after the country’s bank cut its interest rate for the first time this year. The given measure was aimed at fighting record-low inflation as well as a strong local currency. The cash rate target was reduced by one-quarter of a percentage point to a new minimum of 1.75%. Financial experts had been split on whether the RBA could lower its rate or not.

Undoubtedly, the RBA’s move didn’t appear to be sudden. It might indicated that the national economy’s improvement is a bit overstated.